Asked by Shakia Balmer on May 02, 2024
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The accounting cycle begins with preparing an unadjusted trial balance.
Unadjusted Trial Balance
A list of all the general ledger accounts and their balances at a specific time before any adjusting entries are made.
Accounting Cycle
The collective process of recording and processing all financial transactions of a company, from when the transaction occurs, to its representation on financial statements, followed by closure of accounts.
- Realize the progression and paramount importance of processes in the accounting cycle.
- Differentiate between various types of trial balances (unadjusted, adjusted, post-closing).
Verified Answer
Learning Objectives
- Realize the progression and paramount importance of processes in the accounting cycle.
- Differentiate between various types of trial balances (unadjusted, adjusted, post-closing).
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